At least one young local entrepreneur is seeking to penetrate international markets as the demand for solar water-heating systems continues to grow worldwide.
Solar Apex Inc. managing director Ryan Gittens told BARBADOS BUSINESS AUTHORITY that his company was currently engaged in “advanced discussions” with hopes of securing two “major” contracts in the region.
Solar Apex currently specializes in installing, repairing and maintaining solar water-heating systems.
The owner of the four-year-old company which employs a team of 12 full-time and about four part-time workers said their target market had predominantly been the commercial sector but “over the next year or so we will be shaping our portfolio in a new direction, more towards the residential market”.
“Moving forward, we have a five-year plan and we are looking at some major developing markets across the world, such as Africa.
“We are already making strides to soon make a surge in Latin America and the Caribbean. We are making some headway in Jamaica.
“From what I understand, we are at the negotiating table in numerous Caribbean territories finalizing major distribution contracts in those places,” said Gittens.
“When we say we are looking to get into these markets, I mean that we have reputable companies who have expressed interest in our products . . . so we are negotiating different arrangements in the various markets,” he explained, noting that locally they have been able to land major contracts such as outfitting units at The Villages at Coverley.
He noted that by forming “profitable and mutually beneficial” relationships with both suppliers and customers, his company has been able to maintain its position in the market.
In terms of competition, Gittens said: “I think we are able to segment the market and hit specific demographics.”
The 27-year-old entrepreneur noted that exceptional customer service will play a major role in the industry’s future and that was one area his company would continue to focus its efforts.
“It has already been showing in our 99 per cent customer-satisfaction rate that we are reengineering customer service in the solar water heating industry.
“I think the solar water heating industry has matured to the point where the principle is no longer trying to sell a Barbadian public a solar water heater, but it’s about selling an experience and a service.
“That is exactly the direction we are taking it in,” he said.
Asked whether he thought enough was being done to develop the industry locally, Gittens said: “I think there are a lot of initiatives out there and concessions but there is always more that could be done in terms of evolving the industry.”
“There are a lot of virgin markets in the world that have not been exposed to the solar water heating industry . . . . It is a very lucrative market.
“I would say that the Government could do more in terms of facilitating trade agreements for our products. I think that is an excellent opportunity for foreign exchange for the Barbados economy,” he pointed out.
The young businessman said getting supply to meet demand could prove “fairly challenging at times” but strategic planning, team effort and strong customer relations have been the key to keeping the company afloat.
Among the plans, Gittens said they would also be making “a surge” into the photovoltaic market “so hopefully within the next six to nine months the Barbadian public will have a photovoltaic system half the current price”. He also noted that they would soon be introducing a customer-referral point system.
Saying that he was confident Solar Apex would “continue to evolve”, Gittens said the company had grown “in excess of 200 per cent in 2011 from that of the previous fiscal year”.
